XRP Holds Strong Above 50-Day EMA Amid Market Cooldown
Main Idea
XRP shows resilience by holding above the 50-day EMA despite a market cooldown, with potential for a bullish Wave 5 rally if it sustains above $3.25.
Key Points
1. XRP has pulled back to the $3.13 zone as the Altcoin Season Index drops to 37, below the 75 threshold signaling an alt season.
2. The cryptocurrency remains strong above the 50-day EMA at $2.64, with an RSI of around 55 indicating neutral momentum.
3. Technical analysts suggest the recent drop may be part of a Wave 4 correction, with a sustained close above $3.25 potentially leading to a Wave 5 rally towards $5.50.
4. On-chain data shows XRP Ledger wallets have surged to 7.24 million, reflecting growing interest in its DeFi capabilities.
5. Despite a 16.61% drop from its ATH, XRP's resilience above the 50-day EMA suggests the path of least resistance remains higher.
Description
What’s Cooking for XRP? According to Vlad Hyrniv, altcoin sentiment is cooling as Bitcoin dominance climbs, with the Altcoin Season Index dropping to 37, which is below the 75 threshold that signals an alt season. The market analyst believes that this is one of the reasons why XRP has pulled back to the $3.13 zone. Nevertheless, all hope is not lost because the 3rd-largest cryptocurrency by market cap is still holding strong above the 50-day EMA at $2.64. Furthermore, the relative strength index...
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